USD/CAD to enjoy considerable gains on a move beyond 1.2965 – Scotiabank

USD/CAD advances to mid-1.29s. Economists at Scotiabank note that the pair needs to see a sustained break above 1.2965 to enjoy further gains.

Minor support aligns at 1.2915

“USD resistance at 1.2950/65 (the latter being the Dec 2021 high) looks vulnerable but the range ceiling has been consistent and we think the USD will have to advance well beyond this point to signal a range break.”

“We note resistance at 1.3045/50.”

“Minor support is 1.2915 and 1.2865.”